Two-fifths of the state rest in the shade

The informal sector of the Russian budget is growing, and state-owned companies reporting is published in a very limited extent - such findings are contained in the report of the International Monetary Fund (IMF) on fiscal transparency in the Russian Federation. IMF experts warn that the lack of information on the state-owned companies makes it difficult to assess the real debt burden of the state, in general, the value of the public sector in the Russian economy already exceeds 70% of GDP, and the debt burden, only 26 of the largest state-owned companies - 102% of GDP, the IMF estimated.

Detailed reporting is available only for 60% of the costs of the public sector, according to the IMF report on fiscal transparency in Russia (Mission Fund analyzed the statements in October of last year). Moreover, if the Ministry of Finance information on the federal and regional budgets fund is estimated by experts as "full", the data on government-funded State agency and quasi-structures practically not available, ascertain the fund. According to IMF methodology for the calculation of the overall fiscal balance also takes into account off-budget funds (in the amount of the budget they are part ofence government sector, DGS), as well as state-owned companies, including state-owned banks. A similar approach is used in order to neutralize the effect of the transfer of government expenditure and debt to funds and agencies.

The Russian economy, the overall share of the public sector, according to the IMF assessment, is not less than 71% of GDP, including state-owned companies form around 29% of GDP (official consolidated budget expenditures and off-budget funds - 37% of GDP). In the official statistics, the Ministry of Finance on the state administration sector, government spending does not include operation Fund Housing Development, "Rusnano" and "Avtodor" (2.7% of GDP in total), a secret part of the budget, which amounted in 2012, 14% by 2016 could increase to 25% (in most OECD countries, this share does not exceed 1% of the costs). The final balance for SGU in 2012 amounted to 3.8% of GDP, according to state-run companies - minus 0.9%, the IMF estimated. At the same time, according to experts CMASF, in 2012 the Russian Federation has been a net creditor - minus 0.7% of GDP, in 2013 the trend has changed: the net debt of the general government amounted to 1% of GDP.

More noticeable differences with the statistics of Rosstat and the Ministry of Finance taking into account the observed akWillow and public sector obligations. Thus, according to the IMF's balance sheet assets of state agencies and state-owned companies add up to 381% of GDP (half of them are unaccounted for raw oil and gas reserves), liabilities - 400%. In this case the official government debt is only 11% of GDP and 282% - Pension payments uncovered, even 102% - state-owned debt (IMF cites a total of 26 large structures). The problem lies not only in accounting for pension obligations, but attributing this or that state-owned companies to the public sector, noted in the fund. Of the more than 40 thousand public sector companies half -. Unitary enterprises, quarter - joint-stock company, Rosstat and the Ministry of Finance most of them belong to the businesses, but the application of a market test score will be at the root of the other, according to the fund.

Assessment of the portion of the public sector is further complicated by the fact that in many formal commercial companies in the equity share of the state has the extent to reckon it to the public sector, it is not clear, said Arseniy Mammadov from the Development Center. Elena Penuhina of CMASF believes that transitionsa new methodology in the Russian Federation could be held soon, for these calculations is that there is all the necessary information. The IMF expects that the first estimates may occur in four to six years, it is already working on an inter-ministerial group of the Ministry of Finance, Central Bank and the Federal State Statistics Service. However, the inclusion of income and expenditure in the public sector expanded reporting is not too much impact on the final balances are recognized in the fund. Whereas for the assessment of the real size of the debt and the fiscal position of the government, such an analysis is crucial, concluded the IMF.